Inasmuch as the debenture stocks and preference shares would have to be redeemed in 1911 at premiums ranging from 3 to 5 per cent., the state would have to pay the company £253,000 in excess of the total of the outstanding securities in order to enable the ordinary shares to receive par, and in the council's view this payment would diminish the p robability of the Post Office being able to afford a substantial reduction in the telephone charges.
The total authorized capital of all Irish railways, exclusive of light railways, at the end of 1905 was £42,881,201, and the paid-up capital, including loans and debenture stock, amounted to £37,238,888.